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07 Mar 2019 | 09:49

Crystal Amber Fund net assets fall amid 'difficult' equity markets

Crystal Amber Fund on Thursday reported a fall in first-half net assets amid 'difficult' equity markets.

For the six months ended 31 December, net asset value per share fell by 9.4% or .4% after adjusting for dividends paid from a year earlier.

The share price discount to NAV averaged 8.4% throughout the half as the Fund continued its buy-back programme.

In the first half of the year, the fund realised gains in Hurricane Energy plc, NCC Group plc, Boku Inc and Woodford Patient Capital Trust. The fourth quarter of 2018 saw significant falls in US equities, as 'the pace of monetary tightening by the Federal Reserve prompted investors to rebalance portfolios away from relatively expensive growth stocks.,' the company said. 'This weakness spread quickly to all major markets, but UK investors also had to contend with the tortuous Brexit process. ' Forecasts of economic growth have been downgraded and the Bank of England’s first steps to increase interest rates have been placed on hold, which was 'a matter of concern for investors as uncertainty over outcomes deters investment and increases market volatility,' the company added.

'The protracted nature of the process is likely to damage future growth. Although domestic UK equities are by many measures relatively cheap, a policy mistake could still result in a market sell-off.'

At 9:49am: (LON:CRS) Crystal Amber Fund Limited share price was 0p at 207p

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